Diversification of Islamic Financial Instruments
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in Blackburn, Luton, Tooting, Wembley, Ilford, Bradford and Glasgow. It is the first British bank
claiming to operate, in its entirety, according to Islamic principles [2]. The bank welcomes
people of all faiths and is becoming increasingly popular with non-Muslims, looking for an
ethical alternative to conventional banks. The bank prides itself on its five value system, Sharia
compliant, community oriented, secure, good value and pioneering. As of 2017 Al Rayan Bank
serviced 77,000 customers
In 2005 the founders of the Islamic Bank of Britain (IBB) identified a market opportunity to
create a new-style Islamic investment bank in London, leveraging London’s leadership in
financial services and its high regulatory standards. After extensive research, the European
Islamic Investment Bank was founded, and in March 2006 the Financial Services Authority
(FSA) authorised EIIB to become the first Islamic investment bank in the UK.
The other large Investment bank in UK is the Bank of London and The Middle East PLC (BLME)
dedicated to offering Shariah-compliant investment and financing products to financial
institutions, corporates and high net-worth individuals in Europe and the MENA region. It
launched in July 2007 as a stand-alone, wholesale Shariah compliant bank. BLME’s products
and services are available to both Islamic and non-Islamic institutions, from those who use
Islamic Finance regularly to those who have had no previous involvement with it. BLME
focuses on four main business lines:
 Islamic Treasury and financial institutions – a complete package of products and
services to help manage liquidity;
 Corporate banking – addressing all the financing needs of corporates, projects and
institutions;
 Private banking and investment management – assisting high networth individuals
with their banking and investment management requirements and;
 Investment banking – providing a wide range of investment products for institutions,
banks and corporates as well as providing corporate finance advisory services.
QIB UK took on its new branding in 2010 to reinforce its identity within QIB’s global network.
QIB UK offers a range of Shariah compliant financing and investment products for both Islamic
and non-Islamic clients alike. It provides Shariah compliant investment banking services
including trade finance, private equity and asset management to clients ranging from high net
worth individuals to sovereign wealth funds and other institutional investors.
Gatehouse Bank is a Shariah compliant wholesale investment bank operating in capital
markets, real estate, asset finance, and treasury business and Shariah advisory services. The
bank manages $1.7bn real estate assets across the US and UK. In 2012 the bank issued the UK’s
first ever real estate backed sterling Islamic instrument based on the concept of Sukuk Al-
ljarah.
The other conventional banks which offer Shariah compliant services as windows are listed
below.